South Korea's President Moon Jae-in. Phot: Fabrice Coffrini / AFP via Getty Images

South Korean President Moon Jae-in will meet with Kim Jong-un's sister, Kim Yo Jong, and other North Korean officials during a luncheon on Saturday in Pyeongchang, the Associated Press reports.

Why it matters: Kim Yo Jong is believed to be the first member of the Kim dynasty to visit South Korea since the 1950-53 Korean War, and the meeting underscores the effort by both countries to use the Olympics as a means to improve escalating tensions in the region.

Quick hits:

  • Vice President Mike Pence will meet separately with Moon, but it is still unclear whether Pence will meet with any members of the North Korean delegation.
  • A Pence aide told Axios' Mike Allen earlier this month that the VP will use every opportunity to remind the world of the oppression in North Korea.
  • "We will not allow North Korea’s propaganda to hijack the messaging of the Olympics," the aide said.
  • Timing: Thousands of North Korean soldiers marched through Kim Il Sung Square on Thursday to mark the 70th anniversary of the founding of its military. According to the AP, Kim Jong Un told the crowd that the parade displayed North Korea’s might as a “global military power.”

Go deeper

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.